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For 401(k) plans, the maximum employee contribution is $23,000, or $30,500 for people 50 and over. Contribution limits go up in 2025, with even higher "catch-up" limits available for people 60 to 63.
The number of 401(k) holders whose balance topped $1 million was up 2.5% from Q1, jumping from 485,000 to 497,000. Among IRA contributors, the number jumped 6% from 376,275 to 398,594.
There are a record number of 401(k) millionaires so far this year. A whopping 497,000 Americans have accumulated at least $1 million through their 401(k)s, a 2024 report from Fidelity Investments ...
According to a recent Fidelity Investments report, there's a record number of 401(k) accounts with $1 million or more. At the start of 2024, there were approximately 485,000 401(k) millionaires.
The 401(k) millionaires club is small ... can contribute an extra $7,500 in 2024 to their 401(k) plans. That's on top of the maximum employee contribution of $23,000 into 401(k) plans for 2024.
Updated August 29, 2024 at 10:43 AM / Getty Images The number of "401(k) millionaires" — 401(k) plan participants with balances of at least $1 million — has reached a record high, new data ...
The contribution limit for a SEP IRA for 2024 is 25% of your compensation or $69,000 — whichever is less. Most of the total balance for IRA millionaires is held in traditional IRAs, Assaf said.
The number of retirement savers with $1 million or more in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity. Soaring number of Americans are now 401(k ...